6th June, 2013
HelptoBuy success as housebuilders increase output
The Help to Buy equity loan has had a “flying start” which will help housebuilders significantly increase their output, according to the Home Builders Federation (HBF). HBF’s figures show that around 4,000 new home reservations have been made in the two months since the initiative was launched – an average of 500 a week. Large housebuilders have seen the effect in higher visitor numbers and reservations and are reporting increases in output to meet demand.
According to Barratt ceo Mark Clare, the firm’s completions this year are set to be 20% higher than two years ago as demand improves. “Post the Budget announcement, compared with last year, we saw reservations step up 18% and visits to the Barratt website increase by around 30%,” said Clare. “Our production will rise to meet higher levels of demand.” Other major home builders concur. Persimmon’s group ceo Jeff Fairburn confirmed that the firm has increased its build activity to meet the increase in demand and will “make significant further investment” in apprentices to support the anticipated increase in output, while Taylor Wimpey’s ceo Pete Redfern reported that the Help to Buy equity loan would allow the company to build more homes on sites already open. Under the initiative, the government provides an equity loan of up to 20% to customers with at least a 5% deposit, creating a 75% LTV mortgage offer. Stewart Baselely, HBF’s executive chairman, said: “The large deposits required in recent years to secure a mortgage have prevented many from buying – and as a result, builders from building.
The equity loan scheme helps consumers overcome that deposit barrier and as a result the scheme will undoubtedly lead to an increase in housebuilding. This in turn will create jobs and deliver an economic boost.”
29th May, 2013
Dandara Homes launches HelptoBuy
Developer Dandara are pleased to announce the launch of the new Help to Buy government backed scheme open to all purchasers at their stunning Image Development, Hemel Hempstead. This scheme enables all prospective purchasers, not just First Time buyers to take a step onto the property ladder. Help to Buy replaces the highly successful first Buy scheme providing the facility to far more people than before.
To qualify for the scheme the purchaser needs to provide a 5% deposit and be looking at a property below £600,000.00. The Homes and Community Agency (HCA) will then provide a further 20% as a loan leaving the purchaser to secure a mortgage of 75 %.( please see example)
Bev Lucas, Senior Sales Manager comments “The Help to Buy scheme will open up the government assistance to a much wider audience, retaining the realistic level of deposit at 5%. This enables purchasers to access a wide range of 75% loan to value mortgages and the benefits of low interest rates. This is still and equity loan so 100% of the property is yours. This scheme becomes live on 1st April 2013 and we would urge anyone interested to contact us immediately as we expect this offer to be extremely popular.”
We would also like to thank Lea Valley Homes for their professional and timely processing of all the applicants on First Buy and look forward to the same success with Help to Buy.
If you’re looking for Help to Buy a new home, register your interest with Dandara on SmartNewHomes, book a viewing and request brochures for homes you’d like to view.
15th May, 2013
Get Help to Buy your first home in Manchester
First time buyers with around £6,000 in savings could find they have enough for a deposit on a brand new home in North Manchester. Redrow is currently selling properties at three developments in the Moston area – Woodville Gardens, Hanson Gardens and Kenyon Gardens.
Owning one of the stylish new homes is easy to afford thanks to the new Government-backed Help to Buy initiative and this weekend (May 18 and 19) the housebuilder is holding a special event at Woodville Gardens to guide aspiring homeowners through the scheme. Visitors will be able to talk to friendly, experienced sales consultants about the incentive which offers customers the chance to own a brand new home with only a 5% deposit. With prices starting from £120,995 that could be as little as £6,050.
Claire Jarvis, sales director for Redrow Homes (Lancashire), explains: “Buying your first home is an exciting time, but it can be confusing. We want to make it as simple and straight forward as possible for our customers and would encourage anyone who’s thinking of moving to a home of their own to join us this weekend. We’ll talk them through the Government-backed Help to Buy scheme, which is a great deal for buyers as it not only offers them the chance to secure a brand new home with only a 5% deposit, but they will also be able to save thousands of pounds off the initial purchase price with the aid of an equity loan.”
Between them Woodville Gardens, Hanson Gardens and Kenyon Gardens offer a good choice of three and four-bedroom properties. Some are now build complete and simply waiting for the finishing touches that help transform a house into a home. The readymade homes include the four-bedroom Thirlmere. It’s on the market at £137,995 but can be purchased for an initial outlay of £110,396 with Help to Buy. With the incentive, savings of £6,900 would be enough for a deposit on this property.
“The help available to buy one of our new homes in North Manchester means that homeownership is a viable alternative to renting. Not only could the monthly mortgage repayments be lower than the rent for a similar sized property, but those who buy as opposed to renting will be investing in their future. If it’s time to escape the rental trap or fly the parental nest to a home of your own, then it’s time to talk to Redrow about how we can help,” Claire adds.
This event at Woodville Gardens takes place this weekend (May 18-19).
For more information call 0161 312 2122 (Woodville Gardens).
14th May, 2013
HelptoBuy makes Holtby Gardens affordable
Homebuyers will be able to discover how they can save thousands of pounds off the initial price of a brand new home with a visit to Holtby Gardens in Cottingham this Sunday (May 19).
Redrow is holding a special event to explain the new Government-backed Help to Buy scheme, which makes buying a new home easier to afford with the help of an equity loan.
The introduction of the scheme is great news not just for those looking to buy their first home, but existing homeowners who want or need to move as it reduces both the size of the deposit and mortgage required.
Patsy Aicken, sales director for Redrow Homes (Yorkshire), commented: “We’ve had a brilliant response to Help to Buy across the region. People are really keen to find out more about the scheme and how they can benefit and this weekend we’re inviting them to visit Holtby Gardens. Our friendly, experienced sales consultants will be joined by mortgage specialists who will be able to guide customers through the buying process and explain just how simple and affordable it can be with Help to Buy.
“It’s an ideal way for first time buyers who have saved hard for a 5% deposit to get onto the property ladder as it allows them access to better interest rates usually reserved for people with much larger savings. It can also be used by other groups of purchasers, including those who perhaps don’t have substantial equity in the home they’re moving from.”
Under Help to Buy customers with a 5% deposit will be able to take out an equity loan for up to 20% of the purchase price. They will then only need a mortgage for 75% of the property’s value, which should give them access to some of the better rates usually reserved for those with hefty savings or substantial equity in the home they’re moving from.
For example, a two-bedroom Hexham at Holtby Gardens available on the open market for £144,950 can be purchased for an initial outlay of £115,960 with Help to Buy. The initial outlay includes a deposit of £7,247 and a mortgage for £108,713. The remaining share is covered by the equity loan. The loan is interest free for five years and can be repaid when the customer has more funds available or when they resell.
Featuring designs from the sought-after New Heritage Collection, homes at Holtby Gardens look traditional from the outside but are bright and modern inside. The high specification offered as standard includes stylish, yet practical kitchens that are well equipped with integrated top brand name appliances; while bathrooms and en-suites enjoy quality fixtures and fittings, with an exclusive tile range.
To find out more about buying a brand new home with Help to Buy, visit Holtby Gardens in Dunswell Road, Cottingham, this Sunday (May 19).
Redrow Homes is one of the UK’s leading house builders, operating across England and Wales, with a strong emphasis on high quality family housing in prime locations. Its New Heritage Collection of family homes combines traditional looking, ‘Arts & Crafts’ influenced exteriors with bright, modern, high specification interiors. Established more than 35 years, the company has won numerous awards over the years. Redrow received a 5* Award in the Home Builder Federation (HBF) annual customer satisfaction survey in 2011, 2012 and 2013; collected the Silver award in the Large Housebuilder category of the 2012 What House? awards; and its ‘Share a little bit of joy’ campaign was named best marketing initiative at the 2012 Housebuilder Awards. Web: www.redrow.co.uk.
HelptoBuy Advice 